Faculty Nursing Loan Program
In order to borrow funds through the Faculty Nurse Loan Program (FNLP) the student must be enrolled at least part-time (part-time is defined as 2 classes with a minimum of 5 credits) in the Master of Science in Nursing Education program at UDM, for a minimum of two consecutive terms in the award year.
NLFP loans are made on a first-come-first serve basis for an academic year until funds are expended. Funds are limited and availability of funds varies from year-to-year. This is not a need-based loan program.
Students may borrow this loan to cover the cost of tuition, fees, and books. FNLP loans do not include stipend support (i.e. living expenses, student transportation costs, room/board, or personal expenses). FNLP loans to a student may not exceed $35,500 during the 2016-2017 academic year and students who remain enrolled beyond five years may not receive additional FNLP loan support.
The FNLP is a direct loan program with cancellation provisions. Up to 85% of the loan may be canceled if the student fulfills specific requirements.
The borrower may cancel:
- 20% of the principal and interest of the unpaid loan balance upon completion of each of the first, second, and third year of full-time employment as a nurse faculty member.
- 25% of the principal and interest of the unpaid loan balance upon completion of the fourth year of full-time employment as a nurse faculty member.
The borrower is responsible for requesting cancellation. FNLP borrowers are limited to a 12-month timeframe to establish employment as a full-time nurse faculty at a school of nursing following graduation from the program. If employment verification is not submitted within the 12-month period, the borrower will NOT be eligible for the FNLP loan cancellation provision.
Students who are borrowing the FNLP Loan must complete the FNLP Promissory Note, FNLP Loan Application, Rights and Responsibilities Statement, and the FNPL Entrance Interview. These forms must be completed each year that the student borrows this loan.
- You will receive an e-mail when your FNLP Promissory Note is ready to e-sign. The email will be from the company that UDM has contracted to service our FNLP Loans, Education Computer Systems (ECSI).
- You will e-sign using PIN provided by ECSI.
Interest accrues on the FNLP loan at a rate of 3% per annum, beginning 3 months after the borrower ceases to be a full-time student in the Nursing Education program. The initial repayment period for an FNLP loan begins following a 9-month grace period after the borrower ceases to be a full-time student in the Nursing Education program.